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Uniswap has surprisingly outpaced the broader market with the token experiencing an outstanding17% uptick since last week, gaining bigger retail interest. This has been caused by a recent development that provided a new level of user experience on the platform. Related Reading Helium (HNT) Falters 15% As Crypto Market Tries To Bounce Back 2 days ago
This week, Uniswap announced Unichain, a new L2 with faster block times and cross-chain interoperability designed to be “the home for liquidity across chains.” Unichain: What’s The Gist?
According to Uniswap’s most recentblog post, Unichain is designed to support Ethereum’s scaling which draws transaction fees to be as low as 95% compared to the Ethereum mainnet with the goal to drop it even further. Another feature that current and future users will love is the fast transaction times thanks to Unichain’s 1-second block times.
As the platform matures, Unichain aims to release 250 millisecond block times in the future further decreasing transaction times while increasing the number of transactions the platform can handle. The faster transaction times are only possible because of the trusted execution environment (TEE), a feature designedwith Flashbots, an R&D organization on Ethereum.
Since Uniswap is already part of the Optimism Superchain, users of Unichain will enjoy built-in cross-chain interoperability, which only means that users can interact with other L2s that are part of the Superchain without any hitches.
Right now, Uniswap has launched the Unichain Testnet Bridge Rewards program which will allow users to bridge to the Unichain testnet and experience the new L2. The platform has also set upa 20,000-participant Early Adopter Rewards program to encourage new users to join the infant platform. Once Unichain matures, Unichain will continue to grow to be a major competitor in the market. UNI market cap currently at $4.7 billion. Chart: TradingView Continued Rejection On $8.186 Puts UNI In Awkward Position
Despite the token experiencing a move upward, the $8.186 resistance level proves to be a tough nut to crack for investors and traders. As of writing, UNI is still trading between $7.518 and $8.186, placing the token in a very awkward position.
UNI’s relative strength index (RSI) continues to signal that the token will fall below the $7.518 support level in the short to medium term. But it remains to be seen whether the current trading range will yield to the bears in the medium term. Related Reading Whales Hoard $90 Million In Bitcoin: A Sign Of What’s To Come? 1 day ago
At its current rate, UNI bulls will have to deal with a growing bearish sentiment that will wipe out the gains made within the previous week. In this case, investors and traders should be careful with entering the market right now as the token’s momentum will put UNI well below $7.518 short term.
Featured image from Printler, chart from TradingView